Online mutual funds distribution startup Scripbox acquires Upwardly

Online mutual funds distribution startup, Scripbox has acquired Upwardly for an undisclosed amount.
“The deal is still work in progress and the financial transaction has not been completed yet, hence we are unable to disclose details,” said Sanjiv Singhal, cofounder & chief operating officer, Scripbox.
The 28-member team of Upwardly, also a digital mutual funds distribution platform, will merge with Scripbox and the founders of the company will assume leadership roles, said Singhal.
“The mutual funds space has a large opportunity and there are many innovative products that can be worked out, by joining hands. We will be able to avoid any form of cannibalisation and work on new product lines,” said Singhal.
Upwardly was founded in 2016 by Prateek Mehta, Prithvi Raj Tejavath and Vivek Agarwal mainly as a financial advisory platform. It catered to consumers not only in India but outside as well. It had created an asset under management of Rs 250 crore.
Through the coming together of the two platforms, Scripbox which is competing with ET Money, Paytm, and Zerodha will be able to strengthen its product and teams. It has an AUM of Rs 1,100 crore and is catering to consumers across 1,250 locations in India.